Solana Price Analysis: Billionaire Arthur Hayes Accumulates Meme Coins and SOL – $1,000 SOL Next?

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Arslan Butt

Crypto Writer

Arslan Butt

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Sep 2022

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

September 29, 2024

Arthur Hayes, co-founder of the BitMEX exchange, has strategically boosted his meme coin holdings as he anticipates a strong market rally in October—popularly referred to as “Uptober” by traders. According to SpotOnChain data, Hayes has accumulated a staggering 24 billion PEPE tokens, alongside significant investments in Solana-based meme tokens like MOTHER and MOG.

His recent acquisitions signal growing confidence that these assets will benefit from a broader market recovery, particularly as Bitcoin and other risk assets have shown signs of strength.

Hayes’ focus on meme coins comes as October has historically been a positive month for the cryptocurrency market.

He believes that community-driven tokens like PEPE and niche Solana-based coins have the potential to see significant gains during this period.

Moreover, Hayes has actively engaged with his followers, soliciting their suggestions for building a robust meme coin portfolio.

Solana and Ethereum Tokens Drive Hayes’ Diversified Strategy

Hayes’ portfolio is not limited to a single blockchain; it spans Ethereum and Solana ecosystems, demonstrating his broad approach to capturing value across multiple networks. His largest holding remains PEPE, an Ethereum-based meme coin that has grown popular for its vibrant community and liquidity.

In addition to Ethereum tokens, Hayes has also delved into Solana’s emerging meme coin market, acquiring Smoking Chicken Fish (SCF) and Ponke (PONKE) tokens. This diversification strategy aligns with Solana’s growing activity, making it a hotspot for new meme coin projects.

Daily Technical Outlook: SOL/USD – September 29

Solana remains bearish as the price has slipped below the lower boundary of its ascending channel, currently around $156.50.

The immediate support lies at $154.00, while a further break could push prices down to $151.35 and $149.03.

Conversely, any upward reversal would face initial resistance at $159.34, followed by $161.50 and $163.79.

The Relative Strength Index (RSI) is trending lower at 48.17, signalling weakening momentum. A drop below 40 could indicate further selling pressure.

Meanwhile, the 50-day Exponential Moving Average (EMA) at $156.48 now serves as immediate resistance, hinting at a bearish bias.

In the short term, SOL’s price action suggests increased bearish sentiment. A break below $154.00 would signal a deeper correction, while a recovery above $156.50 is needed to regain bullish momentum.

Key Insights:

• Immediate Resistance: $156.50 – A crucial level to watch for potential bullish reversal.
• Support Levels: $154.00 and $151.35 – Breaking these could lead to accelerated declines.
• Bearish Momentum: RSI at 48.17 and price below the 50-day EMA indicate a cautious outlook.

Overall, Solana’s technical setup suggests bearish sentiment dominates as long as it trades below $156.50. Traders should monitor the $154.00 support closely for potential further downside.

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